Brazilian CVRD increases iron-ore exports in 2004

Brazilian CVRD increases iron-ore exports in 2004

Brazilian CVRD (Companhia Vale do Rio Doce) has recently reported a net profit of $456 million for Q2 of 2003. In the first half of 2003, the company has obtained a net profit of $810 million, which indicates a $261 million increase, compared to the same period last year. Moreover, gross operating revenue in Q2 of 2003, with an increase of 14.5% has reached to $1.22 billion, resulting in $2.37 billion revenue in H1 of 2003, with an increase of 16,1% compared to H1 of last year. CVRD's consolidated exports in Q2 of 2003 is $947 million, which makes the total gain of exports $1.75 billion in H1 of 2003 that corresponds to an increase of 9.9% in relation to that of the previous year. Net consolidated exports (exports minus imports), corresponding to 14.9% of Brazil's trade surplus of $10.4billion in H1 of 2003, has escalated to $1.551 billion. Moreover, the shipments of the company with an increase of 1% has reached to 41.5 million tons in Q2 of 2003, compared to that of the previous year. The officials of the company state that, the company's operating at its full capacity and conduction of some investments are effective on financial development, additionally with the increasing demand, iron-ore shippments are expected to increase in 2004.